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MEETING

JUNE 26, 2013

AGENDA

Date:

June 24, 2013

To:

Commissioners of the Urban Renewal Authority

From:

David Neville, Chair

Subject:

Regular Meeting, June 26, 11:00 a.m.

City Hall – Pikes Peak Room

107 N. Nevada Ave., Second Floor

Colorado Springs, Colorado 80903

Agenda:

1.

Approval of May 22, 2013 CSURA meeting minutes

2.

Approval of Financial Report as of May 31, 2013

3.

CSURA Continuing Disclosure Statement – Carrie Bartow

4.

Proposed Accounting and Financial Reporting Revisions – Carrie Bartow

5.

Local Lofts Apartments (N. Nevada) – Kyle Campbell

6.

Liability Insurance Coverage

7.

Council Member Meetings

8.

CSURA Board Retreat

9.

Other Matters

10.

Adjournment

MINUTES OF THE REGULAR MEETING OF THE

URBAN RENEWAL AUTHORITY

OF THE CITY OF COLORADO SPRINGS

HELD ON WEDNESDAY JUNE 26, 2013

On the 26th day of June, 2013 at 11:00 a.m., the Commissioners of the Colorado Springs Urban Renewal Authority of the City of Colorado Springs met in Regular Session at 107 N. Nevada Avenue, at City Hall in the Pikes Peak Conference Room, Colorado Springs, Colorado.

In attendance were:

COMMISSIONERS:

Merv Bennet

Tiffany Colvert

David Isbelle

David Neville

Wynne Palermo

Jim Raughton

Rosemarie Venezia

Susan Wood-Ellis

ABSENT:

Robert Shonkwiler

Also in attendance:

Bob Cope

City Economic Vitality

Kyle Campbell

The Lodges, North Nevada

John Acken

The Lodges, North Nevada

Carrie Bartow

CliftonLarsonAllen, CPA

Dan Hughes

CSURA Legal Counsel

Jim Rees

CSURA Staff

Chairman Neville called the meeting to order at 11:05 a.m.

Item #1 – Approval of Minutes

It was noted that corrections needed to be made for Commissioner David Isbell concerning the spelling of his last name and to strike the second paragraph on page 5,Item #6, as it is a duplication. Motion was made by Commissioner Raughton, seconded by Commissioner Colvert that the Minutes of the Regular meeting, held on May 22, 2013 be adopted as corrected. The motion carried.

Item #2 – Approval of Financial Report as of May 31, 2013

Ms. Carrie Bartow, CliftonLarsonAllen CPA, reviewed the monthly revenue and expenditures report as of May 31, 2013 including the property tax received from each Urban Renewal Area along with the most recent sales tax numbers on North Nevada, which is currently up 13.8% from last year. She stated that the TIF annual base for Ivywild was not reached in 2012. The next North Nevada Bond payment is due on December 2nd. Ms. Bartow will estimate if there will be enough TIF to cover the senior bond payment at next month’s meeting. Authority members asked for additional information on payments to School District 11, North Nevada Bonds, Culebra and Logan and Simpson. Chairman Neville asked for clarification on the dollars in the ColoTrust account.

There being no further discussion Commissioner Raughton presented the following resolution:

RESOLUTION NO. 1791

A RESOLUTION APPROVING THE INCOME AND EXPENDITURES OF THE CSURA FOR THE PERIOD ENDING MAY 31, 2013

BE IT RESOLVED BY THE COMMISSIONERS OF THE COLORADO SPRINGS URBAN RENEWAL AUTHORITY OF THE CITY OF COLORADO SPRINGS, COLORADO, THAT:

The income and expenditures of the Colorado Springs Urban Renewal Authority for the period ending May 31, 2013 are hereby approved.

Motion was made by Commissioner Raughton, seconded by Commissioner Wood-Ellis that Resolution #1791 be adopted.

Upon a Call for the Vote, the following Commissioners voted:

AYES:

Merv Bennett

Tiffany Colvert

David Isbelle

David Neville

Wynne Palermo

Jim Raughton

Rosemarie Venezia

Susan Wood-Ellis

The following voted:

NAYES:

None

The motion was declared carried and the Resolution adopted.

Item #3 – CSURA Continuing Disclosure Statement – Carrie Bartow

Ms. Bartow explained that this is the “quarterly report” concerning information on University Village. She reviewed each section and noted that Executive Director Jim Rees and Developer Tom Cone each sign the document after review each quarter. Commission Raughton asked if there was a debt service problem. It was noted that on page 5 the document showed that expenditures exceeded the revenues by $654,494 which indicates that there is insufficient revenue to service the junior bonds. Chairman Neville asked what the bond holders get in their report. Ms. Bartow explained that the Continuing Disclosure Statement is a public document and the bond holders receive the entire report including the financial statements as of March 31, 2013. Commissioner Neville noted that the next continuing disclosure quarterly report due in August will be approved before being submitted.

There were additional questions concerning the lack of a narrative in the report, the sort of information provided to the underwriter concerning sales tax numbers. Ms. Bartow interjected that the bond holders are sophisticated investors and are aware of the risks on this type of bond purchase. She further stated that there is an annual audit and that a quarterly one is not required.

There being no further discussion Commissioner Raughton presented the following resolution:

RESOLUTION NO. 1792

A RESOLUTION APPROVING THE FIRST 2013 QUARTER CONTINUING DISCLOSURE REPORT AS PRESENTED

BE IT RESOLVED BY THE COMMISSIONERS OF THE COLORADO SPRINGS URBAN RENEWAL AUTHORITY OF THE CITY OF COLORADO SPRINGS, COLORADO, THAT:

The Continuing Disclosure Report of the Colorado Springs Urban Renewal Authority for the period ending March 31, 2013 is hereby approved.

Motion was made by Commissioner Raughton, seconded by Commissioner 
Colvert that Resolution #1792 be adopted.

Upon a Call for the Vote, the following Commissioners voted:

AYES:

Merv Bennett

Tiffany Colvert

David Isbelle

David Neville

Wynne Palermo

Jim Raughton

Rosemarie Venezia

Susan Wood-Ellis

The following voted:

NAYES:

None

The motion was declared carried and the Resolution adopted.

Item #4 – Proposed Accounting and Financial Reporting Revisions – Carrie Bartow

Chairman Neville stated that CSURA staff has suggested that Mary-K. Burnett (MKB) prepare the monthly financial statements as she has done in the past in order to trim monthly accounting cost by CliftonLarsonAllen (CLR).

The proposal is as follows:

MKB to continue to use the current financial program

CLR to do the general ledger report

MKB to provide monthly financial statement info from general ledger report

CLR would continue to attend CSURA monthly meetings at no charge

It is estimated that there would be a $1,500 savings for the remaining six months of 2013 and a projected savings of $3000 for 2014.

Chairman Neville stated that his preference is to continue to have two sets of eyes on the CSURA finances. It is projected that the accounting costs will be $9,000 +/- over budget in 2013. Commissioner Wood-Ellis noted that the audit costs were $5,000 and Ms. Bartow explained that CLR drafts the audit report and that there were some changes required by the City to the type of account reporting and additional time was required to work with the new auditor in 2013.

Authority members gave direction to staff to find the funds to cover the overages in accounting. Ms. Bartow interjected that if the redevelopment agreement with Copper Ridge was not completed and administrative fees collected the Authority would run out of operating capital by October or possibly sooner.

Item #5 - Local Lofts Apartments (N. Nevada) - Kyle Campbell

The name of the loft project has been changed to The Lodges of Colorado Springs. Mr Campbell distributed handouts on the project showing the site plan, elevations, floor plans, etc. Mr. Acken stated that Capstone (the builder) does this type of project for student housing nationally.

There are 156 units proposed, made up of 1, 2, 4 and 5 bedroom units. The 5 bedroom units are townhouses and will be two stories. The proposed development is located between the Luisa Graff Jewelry building and the Harley Davidson store on the east side of North Nevada Avenue. The site is currently an empty RV lot. The project is expected to be completed and open in 2014. This project is a $25M investment.

Currently there is C-6 zoning for the site and City Planning is requiring a conditional use for the apartments, which needs City Planning Commission review and approval. There will be 20 units per acre which meets urban density standards with 616 bedrooms total. Each unit will be leased individually.

Mr. Kyle Campbell reviewed the renderings noting the three existing access points to the site along with two additional access points. The developer is coordinating with Colorado Springs Utilities to use existing utilities to avoid road cuts. The landscaping plan requires buffering on the north and south sides. The two deck high parking structure will be screened, and will be partially bermed toward the east. A bike path will connect to the Pulpit Rock multi-use trail on the east side of the project site. Additionally there will be a large rustic-looking club house with a swimming pool, multi-purpose room, fitness area and study space. The exterior of the buildings will be done in stone with wood trim façade.

Buildings A and B exceed the 45' zoning height requirement. Administrative relief was applied but City Planning would not approve the copulas as they were too high. Chairman Neville asked if the “hillside overlay” pertained to this area. The overlay zone does apply to part of the site but has been waived by City Planner Steve Tuck.

The developer has agreed to make an RTA payment in the amount of $30,000 for road improvements to North Nevada; however the entrance will need to be revised. The design guidelines approved by CSURA for the North Nevada Avenue URA would allow the copulas. The project will be completed in one phase. The average rent per person is estimated to be between $550 and $650 per month. UCCS will coordinate a transportation system by either providing it or Capstone will add a shuttle to the system in place.

Commissioner Colvert asked if mixed use had been considered for this development. Capstone only builds residential developments. Bedrooms will be rented individually not by unit. Commissioner Wood-Ellis asked if this development complied with the new design guidelines and was told yes on the vast majority of the guidelines.

There being no further discussion Commissioner Raughton presented the following resolution:

RESOLUTION NO. 1793

A RESOLUTION APPROVING THE LODGES DEVELOPMENT WITH COPULAS LEFT ON THE ROOFTOPS (CONTRARY TO CITY PLANNING RECOMMENDATIONS)

BE IT RESOLVED BY THE COMMISSIONERS OF THE COLORADO SPRINGS URBAN RENEWAL AUTHORITY OF THE CITY OF COLORADO SPRINGS, COLORADO, THAT:

The Lodges residential development to include rooftop copulas is hereby approved.

Motion was made by Commissioner Raughton, seconded by Commissioner Venezia that Resolution #1793 be adopted.

Upon a Call for the Vote, the following Commissioners voted::

AYES:

Merv Bennett

Tiffany Colvert

David Isbelle

David Neville

Wynne Palermo

Jim Raughton

Rosemarie Venezia

Susan Wood-Ellis

The following voted:

NAYES:

None

The motion was declared carried and the Resolution adopted.

Item #6 – Liability Insurance Coverage

The discussion was postponed until more information about the policy can be obtained and other bids can be solicited. The current policy expires in September.

Item #7 – Council Member Meetings

Vice Chair Palermo volunteered to attend the first meeting with Jim Rees at 9:30 a.m. on July 11th to interact with new council memberAndy Pico concerning Urban Renewal and upcoming presentations to City Council. Chairman Neville volunteered to attend the second meeting at 1:30 p.m. on the same date with council member Helen Collins. Commissioner Bennett stated that he felt that this new Council prefers group meetings and urged CSURA staff to set meetings with multiple Council Members.

Item #8 – CSURA Board Retreat

The item was postponed. A list of potetntial topics was distributed for Board Members to review and provide feedback to Jim Rees.

Item #9 – Other Matters

CSURA members felt that a Professional Services section needed to be added to the Conflict of Interest Agreement that Denver Urban Renewal uses. Dan Hughes, CSURA legal counsel, and Jim Rees will work on the requested addition.

Bob Cope, City Economic Vitality, reported that the deadline for the RTA Grant has been extended to July 8th, due to the extensive fires in the State. There will be an article on the grant application in the Gazette on June 30th. There will be an opportunity to show community support during the interview process with the State. This endeavor will be a land use issue and will require a public review process. Mr. Cope will provide City Council and CSURA with details before the article is published through phone calls.

Mr. Cope noted that it is the purview of City Council and CSURA concerning the Copper Ridge issue in the granting of TIF sales tax collected for the project. Originally 1.5% sales tax was included in the first presentation to City Council when the urban renewal plan was approved. It was determined that the City, CSURA and the developer should approach City Council with a unified plan on the amount of sales tax needed for the project. This needs to be agreed upon since new businesses could be counted in the base and not the increment.

Item #10 - Adjournment

There being no further business to come before the Commissioners, motion was made by Commissioner Palermo, seconded by Commissioner Wood-Ellis to adjourn the meeting. Upon unanimous vote, the meeting was declared adjourned at 1:12 p.m.

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